Property, Plant and Equipment

3 Months Ended

Mar. 31, 2022

Note 2 — Property, Plant and Equipment

Proved Properties

The Company’s interests in oil and natural gas proved properties are located in the U.S., primarily in the Gulf of Mexico deep and shallow waters. During the three months ended March 31, 2022 and 2021, the Company’s ceiling test computations did not result in a write-down of its U.S. oil and natural gas properties. At March 31, 2022, the Company’s ceiling test computation was based on SEC pricing of $75.88 per Bbl of oil, $4.20 per Mcf of natural gas and $30.86 per Bbl of NGLs.

Asset Retirement Obligations

The asset retirement obligations included in the Condensed Consolidated Balance Sheets in current and non-current liabilities, and the changes in that liability were as follows (in thousands):


Asset retirement obligations at December 31, 2021	$	434,006
Obligations incurred		17
Obligations settled		(20,023	)
Obligations divested		(1,572	)
Accretion expense		14,377
Changes in estimate		15,274
Asset retirement obligations at March 31, 2022	$	442,079
Less: Current portion at March 31, 2022		51,273
Long-term portion at March 31, 2022	$	390,806